从美国次贷危机看我国住房抵押贷款证券化 The Reflection of Us Subprime Crisis on China’s Mortgage-Backed Securitization

Abstract

随着中国房地产市场，银行房贷业务和住房抵押贷款规模的不断扩大，中国住房抵押贷款证券化也开始试点运行。美国因其住房抵押贷款市场规模庞大，发展成熟成为了主要借鉴对象。然而2007年美国次贷危机也将住房抵押贷款证券化的一系列问题显现了出来，对中国住房抵押证券化的发展造成了深远影响。本文旨在通过对我国住房抵押贷款证券化的发展现状及问题进行探析，在借鉴美国次贷危机经验教训的基础上，通过具化住房抵押贷款证券化流程，比对同阶段中美住房抵押贷款证券化的差异，研究适合我国住房抵押贷款证券化的发展道路。 With the development of the China’s real estate market, the rapid growth of bank mortgage business and continuous expansion of housing mortgage loan, China started a pilot project on MBS. The 2007 American sub-prime mortgage crisis exposed the problem of MBS in America. It also has a profound influence on the development of China’s MBS. On the basis of the lessons learning from the American sub-prime mortgage crisis, this paper aims to analyze the current situation and problems of MBS in China and put forward some advices.